Prices at the pump are once again flirting with record highs, climbing 13 cents nationally over the past week. Here's what to expect next.
Prices at the pump are once again flirting with record highs. That's adding to inflationary headaches for families, the US economy and the White House.
Prices at the pump were already high heading into 2022 as supply failed to recover from Covid-19 as fast as demand. Russia's late February invasion of Ukraine sent them surging much higher as investors braced for oil supply disruptions caused by the war and embargoes on Russian energy. Although nominal gas prices are near record highs, inflation-adjusted prices are not. The national average would need to climb above $5.30 a gallon to beat the inflation-adjusted record set in 2008, according to the US Energy Information Administration.
However, oil prices remain high and the fallout from the war in Ukraine continues to cast a shadow over the energy market.
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